I've done a couple of handles on hatchets and fishing rods with nylon rope. I did both coated and uncoated rope. No matter how tight I got the wrap, it still felt loose to me and it drove me nuts. Now if I'm doing a handle in it, I soak it in fiberglass resin (thinned with some acetone) after I wrap it. The rope absorbs the resin just like fiberglass mat does. If the resin is thin enough it soaks completely through the rope and dries hard. I suppose you could call it rope micarta. The texture after drying feels good enough to my hand. Definitely some texture, what with the individual wraps and the texture of the rope itself. It would probably make a hot spot or two on bare hands with long periods of use.
It's not nearly as rough as some of the extra aggressive texturing being used on some of the micarta and G10 scales on the market.
On the fishing rods I've done it even soaked through enough to bond to the sanded rod blank. Obviously, fiberglass resin isn't an adhesive like epoxy and doesn't really bond to metal surfaces that well. I haven't used the hatchet or knives enough to see if it'll eventually loosen up, but so far there are no issues. With the rope itself being sealed, as well as the resin filling in any nooks and crannies in the wrap, it should prevent it from becoming a nasty, gross mess.
I don't think that it could really be taken off and used for much of anything else, IMO. If it's not already loose, I think it would have to be cut off like any other hard handle material that is glued or epoxied.
Most epoxy isn't UV stabilized and will eventually break down, while UV doesn't affect fiberglass resin at all. I'm not sure that the absorption by the rope is enough to keep the epoxy from breaking down to long time UV exposure. I'm not concerned with that using the fiberglass resin. The resin is easier to get my hands on compared to a good quality epoxy. It also soaks into the wrap much better than any of the epoxies I've tried (all stuff from Lowes and Home Depot), especially when I thin it with the acetone.
I'll take pictures of the hatchet and the fishing rod handle and post them tomorrow.